kootchman
No JoB… deductions raise prices of homes. You are deducting some of the expense of the debt. You don’t understand affordability. In 7 years… who has more wealth… a 15 year mortgage or a 30 year mortgage holder? It’s that simple.
Second, government benefits greatly, they too are a winner. The more inflated house prices are… the more local property taxes you pay, which are not deductible.
Redblack… uh.. you don’t get mortgage deductions on five homes… just two. The other three are non deductible. I took a mortgage deduction on my boat… as a secondary residence. That was made available when Jimmy Carter levied a luxury tax on boats… remember that? Half the boat manufacturing businesses collapsed putting hundreds of thousands of folks out of work. So to get us to buy boats, if you had a kitchen, bath, and sleeping berths… you got a second home mortgage. The list of venerable boat manufacturers that went out of business in WA alone was large indeed. Good union jobs…too! Cabinet makers, shipfitters, pipefitters, material suppliers. Boy he sure stuck it to the top 1 per cent!
JoB… inventing 30 year debt is not a favor. It just gives you debt. I know Democrats can’t fathom the concept that debt is not a good thing… it’s how they run the world.. borrow, borrow, borrow… jeesh.. maybe they could have put that extra 15 years of debt service to…. college educations? Catastrophic health insurance? That’s why this recession hurt so deeply.. there was no equity … just debt.
what’s this “they were sold more home than they could afford”.. no they bought more home than they could afford. If you are too flippin stupid to understand what you are buying.. you shouldn’t be buying. Why is too much debt load someone elses fault? If you can’t carry it.. don’t pick it up. You can’ shield people from bad decisions that they want to make.. eh?